MDV MANAGEMENT: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MDV MANAGEMENT
Largest movements
- Tangible fixed assets +€141,273
up €141,273 (+167.1%), from €84,540 to €225,813
of which Land and buildings: +€147,627
- Receivables within one year +€83,144
up €83,144 (+349.8%), from €23,768 to €106,912
of which Trade receivables: +€103,018
- Cash -€55,799
down €55,799 (-49.5%), from €112,704 to €56,905
mainly Contributions, distributions and other (-€600,000) and Investment in fixed assets (net) (-€171,707)
- Debts after one year +€516,372
up €516,372 (+109.7%), from €470,846 to €987,218
- Profit (loss) carried forward -€398,498
down €398,498 (-53.9%), from €739,549 to €341,051
- Accrued charges and deferred income +€35,435
up €35,435 (+2362.4%), from €1,500 to €36,935
- Gross operating margin +€124,819
up €124,819 (+56.9%), from €219,335 to €344,155
- Taxes +€21,902
up €21,902 (+45.9%), from €47,761 to €69,664
- Depreciation +€20,726
up €20,726 (+213.5%), from €9,708 to €30,434
- Financial charges +€17,062
up €17,062 (+72.6%), from €23,508 to €40,571
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,400,257 | €1,569,094 | +€168,837 | +12.1% |
| Fixed assets | 21/28 | €1,259,540 | €1,400,813 | +€141,273 | +11.2% |
| Tangible fixed assets | 22/27 | €84,540 | €225,813 | +€141,273 | +167.1% |
| Land and buildings | 22 | €71,040 | €218,667 | +€147,627 | +207.8% |
| Furniture and vehicles | 24 | €13,500 | €7,146 | -€6,354 | -47.1% |
| Financial fixed assets | 28 | €1,175,000 | €1,175,000 | = | 0.0% |
| Current assets | 29/58 | €140,717 | €168,281 | +€27,563 | +19.6% |
| Amounts receivable within one year | 40/41 | €23,768 | €106,912 | +€83,144 | +349.8% |
| Trade receivables | 40 | €0 | €103,018 | +€103,018 | |
| Other amounts receivable | 41 | €23,768 | €3,894 | -€19,874 | -83.6% |
| Cash at bank and in hand | 54/58 | €112,704 | €56,905 | -€55,799 | -49.5% |
| Deferred charges and accrued income | 490/1 | €4,245 | €4,464 | +€219 | +5.1% |
| Total equity and liabilities | 10/49 | €1,400,257 | €1,569,094 | +€168,837 | +12.1% |
| Equity | 10/15 | €760,374 | €361,876 | -€398,498 | -52.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,226 | €2,226 | = | 0.0% |
| Tax-exempt reserves | 132 | €366 | €366 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €739,549 | €341,051 | -€398,498 | -53.9% |
| Amounts payable | 17/49 | €639,882 | €1,207,217 | +€567,335 | +88.7% |
| Amounts payable after more than one year | 17 | €470,846 | €987,218 | +€516,372 | +109.7% |
| Financial debts | 170/4 | €470,846 | €987,218 | +€516,372 | +109.7% |
| Amounts payable within one year | 42/48 | €167,536 | €183,064 | +€15,527 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €117,116 | €122,691 | +€5,575 | +4.8% |
| Trade debts | 44 | €598 | €691 | +€93 | +15.6% |
| Suppliers | 440/4 | €598 | €691 | +€93 | +15.6% |
| Advances received on contracts in progress | 46 | €399 | €1,065 | +€666 | +166.7% |
| Taxes, remuneration and social security | 45 | €25,470 | €37,071 | +€11,600 | +45.5% |
| Taxes | 450/3 | €25,470 | €37,071 | +€11,600 | +45.5% |
| Other amounts payable | 47/48 | €23,953 | €21,546 | -€2,407 | -10.0% |
| Accrued charges and deferred income | 492/3 | €1,500 | €36,935 | +€35,435 | +2362.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,708 | €30,434 | +€20,726 | +213.5% |
| Other operating charges | 640/8 | €1,540 | €1,987 | +€448 | +29.1% |
| Gross operating margin | 9900 | €219,335 | €344,155 | +€124,819 | +56.9% |
| Operating profit (loss) | 9901 | €208,088 | €311,734 | +€103,645 | +49.8% |
| Financial income | 75/76B | €3 | €2 | -€0 | -9.7% |
| Recurring financial income | 75 | €3 | €2 | -€0 | -9.7% |
| Financial charges | 65/66B | €23,508 | €40,571 | +€17,062 | +72.6% |
| Recurring financial charges | 65 | €23,508 | €40,571 | +€17,062 | +72.6% |
| Profit (loss) for the period before taxes | 9903 | €184,582 | €271,165 | +€86,583 | +46.9% |
| Income taxes | 67/77 | €47,761 | €69,664 | +€21,902 | +45.9% |
| Profit (loss) for the period | 9904 | €136,821 | €201,502 | +€64,681 | +47.3% |
| Profit (loss) for the period to be appropriated | 9905 | €136,821 | €201,502 | +€64,681 | +47.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.